Although the New York stock market closed lower, the virtual asset market, including Bitcoin (BTC), is showing an overall upward trend. This is interpreted as the result of positive factors, such as the 'GENIUS' bill to regulate stablecoins passing the first threshold in the U.S. Senate.
According to the cryptocurrency market tracking site CoinMarketCap at 8 a.m. on the 21st, BTC is trading at $106,804.21, up 1.18% from the previous day. It has been trading at around $107,000 at times, continuing its upward trend. Ethereum (ETH) recorded $2,516.37, up 0.50%. However, XRP dropped 1.10% to $2.34.
The domestic market is also showing an overall upward trend. Based on Bithumb, BTC is up 1.72% from the previous day at 150,565,000 won. ETH is up 1.57% at 3,551,000 won, and XRP is trading at 3,315 won, up 0.48%.
This is contrary to the New York stock market, which closed lower after catching its breath. On the 20th (local time), the Dow Jones Industrial Average fell -0.27%, the S&P 500 dropped -0.39%. The Nasdaq Composite, which focuses on tech stocks, declined -0.38%. Wall Street sees profit-taking due to the previous sharp rise as the cause of the decline. Daniel O'Regan of Mizuho Securities said, "Many people cite profit-taking due to an overbought situation as the reason for this decline" and "Obstacles to Trump's tax cut policy and 'Sell America' anxiety are still prevalent."
There are also analyses that the progress of virtual asset institutionalization, such as the GENIUS bill to regulate stablecoins passing the Senate's 'cloture vote', has acted as a positive factor for the virtual asset market.
This bill, which was rejected in the cloture vote on the 8th, passed 66-32 on the 20th. If more than 60 votes are obtained in the cloture vote, a vote can be held immediately to pass the bill without a filibuster. It has passed the key gateway for passing the full Senate meeting. It will be decided by a majority vote in the full meeting. Within the Republican Party, the bill is expected to pass by Memorial Day (26th) at the latest.
According to the virtual asset data provider Alternative.me, the Crypto Fear & Greed Index dropped 3 points from the previous day to 71 points, indicating a state of greed. The lower the index is to 0, the more contracted the investment sentiment, and the closer it is to 100, the more overheated it is.
- Reporter Shin Jung-seop
- jseop@sedaily.com
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